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Scanfil: Long-term targets not yet raised - Nordea

Scanfil reiterated its long-term financial targets and 2021 guidance at its CMD event on 14 September. Market demand and the medium-term outlook are looking good, and we see no near-term threat to Scanfil's profitability from raw material prices or component availability. As a result, we raise our estimates by 2% for 2022-23. Our new fair value range for Scanfil is at EUR 6.9-8.4 (EUR 6.5-8.0), based on three equally weighted valuation approaches – DCF, EV/EBITDA, and P/E. We do not expect Scanfil to trade at a discount to peers but its 2021E-22E P/E and EV/EBITDA multiples combined are now an average of 12% above those of peers. Marketing material commissioned by Scanfil Oyj.

Scanfil reiterated its long-term financial targets and 2021 guidance at its CMD event on 14 September. Market demand and the medium-term outlook are looking good, and we see no near-term threat to Scanfil's profitability from raw material prices or component availability. As a result, we raise our estimates by 2% for 2022-23. Our new fair value range for Scanfil is at EUR 6.9-8.4 (EUR 6.5-8.0), based on three equally weighted valuation approaches – DCF, EV/EBITDA, and P/E. We do not expect Scanfil to trade at a discount to peers but its 2021E-22E P/E and EV/EBITDA multiples combined are now an average of 12% above those of peers. Marketing material commissioned by Scanfil Oyj.
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